Company Name: Bitwise Asset Management

Founders: Hong Kim and Hunter Horsley

Date Founded: December 2016

Location of Headquarters: San Francisco, CA and New York, NY

Amount of Bitcoin Held in Treasury: Undisclosed

Number of Employees: 65

Website: https://bitwiseinvestments.com/

Public or Private? Private

In 2016, Hong Kim and his co-founder at Bitwise Asset Management (Bitwise), Hunter Horsely, were living the startup life — working from a living room in San Francisco and looking for a project that they could develop into a business.

While experimenting with various ideas, none of which were gaining much traction, their friends wouldn’t shut up about Bitcoin. Plus, by early 2016, every…

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Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, predicts a significant uptick in cryptocurrency values following recent U.S. Federal Reserve rate cuts. These decisions, he suggests, mimic a short-term economic boost but could lead to long-term benefits for digital currencies like Bitcoin. Highlighting the possibility of a Japanese yen carry trade unwind, Hayes indicates this could pressure the Fed to increase monetary supply, potentially enriching the crypto market.

In his latest insights, Hayes explains that the diminishing interest rate differentials reduce the attractiveness of yen carry trades, compelling investors to look for alternative high-yield investments. This scenario, coupled with tightened fiat liquidity, sets a favorable stage for cryptocurrencies as traditional market vulnerabilities emerge.

Echoing his analysis, industry analysts concur that the Fed’s strategy might inadvertently act as a catalyst for Bitcoin and other cryptocurrencies. As the market braces for potential global financial shifts, Hayes underscores the importance of ready liquidity, which he believes will drive Bitcoin towards the $100,000 mark by year-end.

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U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $127 million in net outflows on Tuesday, marking the largest single-day withdrawal since Aug. 6. The outflow ended an eight-day streak of positive inflows totalling $756 million.

On Tuesday, the Bitcoin ETF offering from Ark Invest saw the biggest outflow, at $102 million. Grayscale’s Bitcoin Trust and Bitwise’s Bitcoin ETF also posted net outflows of $18 million and $7 million, respectively.

BlackRock’s Bitcoin ETF saw no inflows after a $224 million inflow on Monday, its largest in over a month, while Fidelity’s and other Bitcoin ETFs also saw no changes in inflows or outflows.

The largest contributor to yesterday’s outflows seems to…

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BlackRock has announced the upcoming listing of its iShares Ethereum Trust (ETHA) on Brazil’s Stock Exchange (B3) this Wednesday. Local media outlet Portal do Bitcoin revealed that the ETF, coded as ETHA39, will be available as a Brazilian depositary receipt (BDR). This move signifies a major step in offering investors exposure to leading cryptocurrencies.

Nicolas Gomez, the head of ETFs, index investments, and products for Latin America at BlackRock, highlighted the significance of ETHA39. He stated that this launch will provide investors access to the two largest cryptocurrencies by market capitalization, marking a pivotal moment in crypto investment accessibility in South America.

Earlier this year, BlackRock’s iShares Bitcoin Trust ETF (IBIT) began trading on the Brazilian stock exchange, which has seen a surge in institutional crypto products. Following the success of Bitcoin and Ethereum ETFs, the Brazilian Securities and Exchange Commission (CVM) also approved the listing of two Solana-based ETFs, further diversifying the crypto offerings on B3.

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